Politics

Federal Reserve Vice Chair for Supervision Michael Barr outlined his view for new capital standards this week. But unlike prior reform pushes, this package lacks clear champions in Congress.

Voters so far are lukewarm on the president's efforts to change the narrative around his handling of the economy, but the administration's bid to win the economic messaging war could cause Washington to come down more harshly on banks.

This week in global news, Lisbon takes contactless payments to the subway; U.K. politicians say AML actions rules are politically motivated; and more.

In an amicus brief submitted to the Supreme Court Tuesday, the bicameral group of 132 Republican members of Congress argued that an appeals court was right to rule last year that the Bureau's funding system is unlawful.

The biggest of the big banks don't like the Federal Reserve's new vision for bank capital, but the changes will hurt their regional peers more. Once again, the advantage lies with the megabanks.

At a hearing Tuesday, consumer advocates called for a ban on deferred interest credit cards, and CFPB Director Rohit Chopra echoed their concerns. The agency signaled that actions to combat unfair fees in the medical realm could be coming soon.

While 48% of hiring managers admit to having bias, 68% think that AI could be the key to removing it from the hiring process.

The acting comptroller of the currency says regulators are aligned on rule changes, but noted that forthcoming policy proposals are being driven by more than just recent bank failures.

Federal Reserve Bank of San Francisco president Mary Daly insisted that supervisory failures that contributed to the downfall of Silicon Valley Bank were reflective of directives handed down from the Federal Reserve Board of Governors, and made the case for 'agility' in bank supervision.

In a speech Monday, Federal Reserve vice chair for supervision Michael Barr said the few banks that would have to raise capital under the final Basel III capital rules would be able to do so fairly quickly and without reducing dividends.

In a letter to Senate Democrats, Senate Majority Leader Chuck Schumer, D-N.Y., highlights executive compensation and cannabis banking as priorities for the caucus in the coming month.

House Oversight Committee chair James Comer, R-Ky., and financial services subcommittee chair Lisa McClain, R-Mich., asked Federal Reserve chair Jerome Powell for more information to aid their investigation into the failure of Silicon Valley Bank in March.

New regulations on small-dollar lending are leaving consumers with few viable options when they need emergency access to cash.

Banks say more transparency is needed in the annual scenario testing regime to make capital planning more predictable. But amid a flurry of regulatory reforms, the expectation is that capital requirements are only going up from here.

The Consumer Financial Protection Bureau wants to wipe out $9 billion a year in consumer costs by cutting credit card late fees to just $8. But consumer complaints about late fees remain low, and experts say that's because many first-time late fees are forgiven.

Rising interest rates are putting pressure on multifamily housing borrowers — especially investors who were looking for a quick return.

As President Biden tries to revive a key campaign promise to provide widespread debt relief to student-loan borrowers after a Supreme Court setback, legal experts warn that he's likely to encounter a fresh wave of lawsuits challenging his authority to act without congressional approval.

Synthetic fraud — which combines real and false identifying information — has been a niche variety of identity theft for some time. But recent advancements in artificial intelligence and people's access to it might bring it into the mainstream in a big way.

From his vantage point at the intersection of finance, tech and government, Cohn shares his views the banking crisis, global threats to U.S. competitiveness in tech and the future of the national economy.

In Beijing, Yellen will meet with senior Chinese government officials to discuss the importance of responsibly managing the U.S.-China relationship, communicating directly about areas of concern, and working together to address global challenges.